TORONTO – The Ontario Superior Court of Justice has approved a $213.5 million class-action settlement against Sun Life.
A news release from law firm Kim Spencer McPhee Barristers P.C. says the action began in 2010 regarding alleged improper administration of three universal life insurance policies, including Universal Plus, Flexiplus, and OptiMet.
The policies were sold by Metropolitan Life Insurance Co. agents in Canada between 1987 and 1998.
The release says Sunlife has denied any wrongdoing, and the company did not immediately respond to a request for comment after hours.
The law firm says the settlement is the largest reported settlement in any life insurance policy dispute in Canadian history, concerning 70,000 eligible current and former Flexiplus and Universal Plus policyholders in Canada.
Eldon Fehr, representative plaintiff, says the settlement will provide significant benefits to current and former Sun Life policyholders.
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